Description
Imagine yourself an entrepreneur (in the industry of your choice) planning to introduce a new product (of your choice) to the marketplace in today’s environment. Provide an Environmental Scan of how you view those “uncontrollable” elements affecting the potential success of your new product. Provide at least one point for each of the five environmental forces in your scan (technological, economic, political/regulatory, social/cultural, competitive). Be sure that you show you have conducted research for each of those points by citing your source using APA format (after each point) and listing your source at the end of your post.
- Post your Environmental Scan (not as a Word document; type the Scan into the discussion board).
- Describe your product/service and the industry it represents.
- Discuss the two main challenges you see from your Scan.
- Discuss what strategies you could put in place to overcome each of those challenges.
The product that would be is competing in the Electric Vehicle business industry. Also, if you can include at least 3 or more references APA format Times New Roman font size 12. Attached is the environmental scan as well.
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Explanation & Answer
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Marketing: The EV Industry
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Marketing: The EV Industry
The Environmental Scan
Social/Cultural Considerations: With growing environmental awareness, consumer preference
has drastically shifted towards EVs, and 51% of all consumers in the world would consider
buying an EV for their next vehicle (Lashari et al., 2021). This cultural belief is considered a
strong positive stride toward sustainable transportation solutions.
Political/Regulatory Considerations: Currently, the Inflation Reduction Act provides a tax
credit of up to $7,500 for new purchases of EVs that meet the threshold in manufacturing and
sourcing criteria. This measure has a significant influence on consumers' decisions to make a
purchase (Bown, 2023). The support from regulatory bodies based on the above context creates a
good environment for new entrants into the EV market.
Economic Factors: The global EV market will exhibit growth from USD 384.65 billion in 2023
to USD 1,579.10 billion by 2030 (Fleischmann et al., 2023). Therefore, from this strong growth
trajectory, it is deduced that new entrants have a very lucrative market opportunity.
Technological Considerations: In a few short years, rapid improvements in battery technology
have increased ranges to 500+ mile ranges with new types of solid-state batteries, and also have
reduced charging times (Song et al., 2024). This would provide opportunities for differentiation
with superior battery performance.
Competitive Considerations: While Tesla still retains aroun...
